The Bodner Corporation had the following balance sheets for 19A and 19B:
|
12/31/19A |
12/31/19B |
|
|
Cash |
$ 48,000 |
$ 77,000 |
|
Accounts Receivable |
66,000 |
60,000 |
|
Inventory |
112,000 |
100,000 |
|
Supplies |
8,000 |
9,000 |
|
Buildings |
240,000 |
312,000 |
|
Accumulated Depreciation |
(41,000) |
(66,000) |
|
Patent |
40,000 |
30,000 |
|
Total Assets |
$473,000 |
$522,000 |
|
Accounts Payable |
105,000 |
85,000 |
|
Expenses Payable |
63,000 |
68,000 |
|
Long term Notes Payable |
70,000 |
— |
|
Common Stock |
— |
100,000 |
|
Paid in Capital in Excess of Par—Common |
— |
25,000 |
|
Preferred Stock |
200,000 |
200,000 |
|
Retained Earnings |
35,000 |
44,000 |
|
Total Liabilities and Stockholders’ Equity |
$473,000 |
$522,000 |
The only entries in the Retained Earnings account were for net income and dividends of $29,000 and $20,000, respectively. No buildings were sold during the period and stock was issued for cash.
Prepare a statement of cash flows using the indirect approach.